Write a positive statement and a normative statement about your favorite hobby.

Q: normative economics define and give example

A: Normative economics: - Normative economics is that branch of economics that passes value judgments…

Q: All people in any country can get resouces that will make their lives better or have to have to…

A: Resources are the factors that are used to produce or manufacture goods and services.

Q: Scarcity means that

A: Human wants are unlimited, and the resources to satisfy these needs are limited. This limitation in…

Q: What is the importance of studying economics? Give an example how it can help you.

A: Economics signifies a social science that analysis how individual agents in a society make their…

Q: Why do business people study economics?

A: Demand for a good refers to the quantity of that good with the consumers are willing and able to…

Q: Normative economics is:    a. An investigation or statement about the norms and culture of other…

A: The study about the scarce allocation of resources among the people of the society is referred to as…

Q: Distinguish between a positive statement and a normative statement and provide 2 examples of each

A: Positive statements and negative statements are the two different way of thinking about economic…

Q: Why study economics?

A: ExplanationEconomics is the study of markets where there exists  and interaction of buyers and…

Q: Use economics to explain why people smoke even though they know smoking is not good to their health?

A: Utility is a term referring to the overall satisfaction obtained from consuming a good or service.

Q: Why studying economics is fun and why it is useful in personal level?

A: The study of how individuals, groups, and nations manage and use resources is at the heart of…

Q: Which of the following is a normative statement? Group of answer choices Forty percent of the public…

A: Unemployment is the situation when an individual is looking for a job but faces difficulty to find…

Q: How can studying economics help you as a student?

A: Studying economics can help students by exposing them to theoretical approaches within the field of…

Q: How can economic changes affect society?

A: Economic changes can affect the society in various ways: 1. The cost of living has the significant…

Q: "Mexico did well to break with Cuba. Enough, it was time. Cuba must allow the entrance of the UN…

A: The branches of economics are positive and normative economics. Positive Economics aims to…

Q: Multiple Definition of economics

A: There are several definitions of Economics given over time. We have covered the most important ones…

Q: What type of economy is best?

A: There are mainly four types of economic systems: Traditional economic system, command economic…

Q: . What is the benefit of something measured by what you are willing to give up?

A: Measuring the things which are going to be given up will help to compare the decisions, the cost and…

Q: Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a…

A: The economic approaches can be mainly studied under two categories- positive statements, that are…

Q: What are economic issues?

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: Why economics is arts group

A: Economics is a social science as well as art which defines human behavior with the motive of…

Q: four

A: The characteristics of economic systems are : Command Economy : the government is in turn control…

Q: Why Economics is imporant for ordinary people to know who doesn't have any background about it?

A: The wants and desires of the individuals are unlimited. The resources to satisfy these wants are…

Q: How the study of history of economics help people in their daily life

A: Economics is related to many aspects of the world. Various countries in the world are carrying out…

Q: Importance concepts of economics?

A: The important concept of economics are Market interest:-  It is one of the essential financial ideas…

Q: Economics is the social science that studies the choices that individuals, businesses, governments,…

A: Scarcity: - it is very basic problem of economics which is related to the limited availability of…

Q: What goods and services—and how much of each—will be produced?

A: In a nutshell, an economy must distribute its resources and pick between several possible bundles of…

Q: Background information on Economics?

A: The compelling birth of economics as a different discipline might be followed to the year 1776, when…

Q: Share your views on the idea that economists make assumptions in order to make the world easier to…

A: Economist use assumption to make complex things into simple. Economics is a social science and…

Q: Explain the Economy and Society?

A: The word economics is derived from the Greek word Oinkonomia which means the management of…

Q: Can you help me provide a normative statement and an example of a positive statement from a recent…

A: The normative statement is the subjective statement in which valued judgment is passed on the…

Q: objectives of decision making units of economics

A: There are 3 decision making units in the economy: Households Firms Government

Q: Identify a recent purchase that you made, recently, and determine how scarcity influenced your…

A: Scarcity refers to the finite existence of a resource, or commodity. Humans need a number of goods…

Q: Normative statements are... A) Prescriptive, whereas positive statements are descriptive. B)…

A: In general statements are of two types; positive statements and normative statements. Positive…

Q: someone can enjoy the benefits of the good without bearing the costs.

A: Option D  That is someone can enjoy benefits of the good without bearing the costs  Free rider…

Q: Socialism Vs. Capitalism, which economic system do you prefer and why? Give real life examples.

A: Socialism is a social, political, and economic philosophy that encompasses a variety of economic and…

Q: ________ can predict the Impact of an economic event on economic choices..

A: According to the given question The events which can be initially measured in the terms of money or…

Q: Which of the following statements is normative? a. Printing too much money causes inflation b. Gas…

A: There are two types of statements in economics: positive and normative statements. Positive…

Q: What should we produce? How should we produce it? For whom should we produce it?

A: Answer: Introduction: "What should we produce", "How should we produce it", and "For whom should we…

Q: Choose a simple economic term and explain it.

A: Opportunity cost It is the best alternative foregone.

Q: my friend lives in an apartment building. The neighbour smokes, and my friend can smell it. It…

A: Externality is the negative or positive spillover by the consumer or producer which affects the…

Q: describe an important trade-off that you recently faced and give an example of some action that has…

A: Trade-off refers to the situation where some amount of goods should be given up in order to gain…

Q: How many sectors of economy are there?

A: Economy: It is the system of organizing money, industry, and trade of a country or region.

Q: What are examples of society's widely accepted economic goals?

A: Economic goals: - Economic goals are the desired conditions of the people of a country which improve…

Q: Give one merit and one demerit of a socialist economy?

A: A socialist economy is the one in which all the considered legal production and decisions related to…

Q: What is the opportunity cost of going to college?

A: Opportunity cost is the next best alternative foregone. Opportunity cost=sacrifice/gain.

Q: Advantages of market economy

A: A market economy  in which the forces of supply and demand generate price signals that drive…